Dandot Cement's shareholders approve Rs1.5bn loan conversion
MG News | November 01, 2023 at 12:00 PM GMT+05:00
November 01, 2023 (MLN): The shareholders of Dandot Cement Company Limited (PSX: DNCC) have approved the allotment of ordinary shares through the conversion of loans worth Rs1.5 billion received from Calicom Industries (Pvt.) Limited and two other lenders, the company’s filing on the local bourse revealed today.
The entire loan amount has been converted into the issuance of up to 68,181,818 ordinary shares, each with a face value of Rs10, at a price of Rs22 per share.
This reflects a premium of Rs12 per share along with the par value of Rs10 per share.
To note, from Calicom Industries (Pvt.) Limited is the holding company of DNCC.
The company started its production in 1983 and has been engaged in the production and marketing of cement.
At the time of writing, the company's share is being traded at Rs12.25, up by Rs1 or 8.89% compared to the previous close.
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